Common use of Warrants and exercise of Warrants Clause in Contracts

Warrants and exercise of Warrants. The Warrants forming part of the Units will be registered in the name of the Subscriber and will be non-transferable, and each such Warrant will entitle the Subscriber to purchase one additional common share of the Company (each a "Warrant Share"), for the period commencing upon the date of issuance of the within Units by the Board and ending at 5:00 p.m. (Vancouver time) on the day which is two years from the date of issuance of the within Units by the Board (such time period being the "Warrant Exercise Period" herein), at an exercise price of U.S. $0.05 per Warrant Share during the first year of the Warrant Exercise Period and at an exercise price of U.S. $0.10 per Warrant Share during the final year of the Warrant Exercise Period.